Trouble Brewing in Trumpland

Downward Mobility

Updated Apr. 25, 2017 4:11PM ET / Published Feb. 14, 2009 3:00AM ET

Peter Kramer / AP Photo

Can Trump Entertainment Resorts Inc. continue without a Trump to call its own? According to Bloomberg, Donald and Ivanka Trump have both resigned from the board of the company, which owns Atlantic City's Tropicana Casino Hotel and may file for involuntary bankruptcy next week. Bankruptcy has been a possibility since 2007, when New Jersey stripped the Tropicana of its gambling license in 2007 due to the casino's failure to meet service and cleanliness standards. Since 2005, the company's market value has dropped to $7.3 million from its peak at $842 million. The ax fell on Trump as the company prepared to fail to make a Feb. 17 bond payment deadline for $53 million originally due on Dec. 1. According to Trump, bondholders "have made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company," which he complains is "no longer operated to a standard consistent with other of my holdings."

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